Penalty u/s 11AC Not Applicable for Bona Fide Mistake; Rule 25 Penalty of Rs. 50,000 Sufficient.

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....Default in Monthly Payment - Penalty under Section 11AC was not imposable in cases where default had occurred because of bona fide mistaken belief - It was only a deemed removal without payment of duty - Penalty of Rs. 50,000 under Rule 25 would meet the ends of justice in the case - AT....